Sacramento, California--(Newsfile Corp. - December 2, 2022) - Vibe Growth Corporation (CSE: VIBE) (OTCQX: VIBEF) (the "Company" or "Vibe"), a vertically integrated California cannabis enterprise, announced today its intention to effect a normal course issuer bid (the "NCIB") through the facilities of the Canadian Securities Exchange (the "CSE").
Pursuant to the NCIB, Vibe may purchase on the Canadian Securities Exchange up to an aggregate of approximately 5,607,150 of Vibe's common shares, representing approximately 5% of Vibe's current issued and outstanding common shares. The price Vibe will pay for any such common shares will be the market price at the time of the acquisitions. The actual number of common shares which may be purchased through the NCIB and the timing of any such purchases will be determined at the discretion of management.
Vibe is pursuing the NCIB because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and that the purchase of common shares would be a prudent use of funds.
Vibe has retained Independent Trading Group Inc. (ITG) to coordinate and facilitate its purchases of common shares under the NCIB. Purchases are expected to commence on or after December 9, 2022, and conclude on December 9, 2023, or an earlier date in the event purchases under the NCIB has been completed or as determined by management.
About Vibe Growth Corporation
Vibe Growth Corporation and its cannabis retail brand, Vibe By California, is a trusted, vertically integrated California cannabis enterprise with retail dispensaries; cannabis greenhouse cultivation; premium indoor cultivation; commercial cannabis distribution; brand sales and marketing; e-commerce platform; home delivery, Vibe Street Wear, Hype Cannabis Co. marijuana and Vibe CBD products. In California, Vibe is focused on maximizing shareholder value through accelerating organic growth, opportunistic acquisitions, distressed workouts, and new license applications. The Company operates retail and e-commerce under its iconic Vibe By California brand.
To learn more about Vibe, please visit: www.vibebycalifornia.com
Cautionary Note Regarding Product & Forward-Looking Information
The forward-looking information contained in this release is made as of the date hereof, and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties, and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. Risk factors related to the Company are described in the Company's Management Discussion and Analysis, a copy of which is available under the Company's profile on SEDAR.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any State securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
Unlike in Canada, which has Federal legislation uniformly governing the cultivation, distribution, sale, and possession of medical cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the knowledge of Vibe Growth Corporation, there are, to date, a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S., and as such, cannabis-related practices or activities, including, without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws concerning cannabis will neither absolve Vibe of liability under the U.S. Federal law nor will it provide a defense to any Federal proceeding which may be brought against Vibe Growth Corporation. Any such proceedings brought against Vibe may adversely affect its operations and financial performance.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146662